Published
5 years ago on
July 03, 2018
“We have prepared a draft (on virtual currencies) that entails what parts of this businesses should be banned and what should be preserved. This should be discussed by the first week of July and we should wrap this up within in the first fortnight of July.â€See more from Quartz, for yourself, here- https://qz.com/1319985/rbi-ban-on-indias-cryptocurrency-exchanges-will-remain-top-court-rules/ What does all of this mean? Clearly, Deshpande believes that this could very well be the end of the line for cryptocurrency exchanges in India. Eventually, we could see total control of crypto handed to the RBI, when this happens, the currency will be deemed fully illegal. Whilst the RBI cannot make laws, im sure their advice will go on to ensure that such laws are drafted. Likewise, this is reflected in the statement made by Chandra Garg in that, they look to be working on determining some new regulations in the coming days and weeks. As it stands though, we can’t really guess the full scale of these regulations, therefore for now, we are going to have to wait and see what happens. Overall, this is very bad news for cryptocurrencies in India. As a nation with a firm grip on the blockchain and on blockchain technology, it is a shame to see that this decision has been made. On the other hand, maybe this will inspire the community to come together to try and make a difference? Who knows.
